FISCAL NOTE
Date Requested: January 24, 2022 Time Requested: 04:28 PM |
Agency: |
Higher Education Policy Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2104 |
Introduced |
HB4357 |
|
CBD Subject: |
Education (Higher) |
---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 4357, if enacted, would establish the West Virginia Technology Internship Program. It is anticipated that the total cost of this legislation would be approximately $350,000.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2022 Increase/Decrease (use"-") |
2023 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
350,000 |
350,000 |
Personal Services |
0 |
40,000 |
40,000 |
Current Expenses |
0 |
10,000 |
10,000 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
300,000 |
300,000 |
2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The proposed bill would establish the West Virginia Technology Internship Program, which would allow West Virginia based small businesses in the field of technology to hire college students or college graduates meeting certain qualifications to complete internships with the company. Each company would be reimbursed up to 50 percent of a stipend paid to an intern, but not more than $3,000 each year for each business.
Estimates below are based on the current trends of student and company participation in the Learn and Earn program.
Additionally, a $50,000 annual administrative cost will be associated with program assessment, student tracking, and developing and maintaining of an internet portal for students to apply online to be matched with technology–based businesses; and for technology-based businesses to register, post information about internship opportunities, and apply for reimbursement of internship stipends.
Costs were estimated for two possible levels of participation:
100 Interns $350,000
200 Interns $650,000
Memorandum
Person submitting Fiscal Note: Ed Magee
Email Address: edward.magee@wvhepc.edu